Best Insurance Info on the Web

According to the U.S. Small Business Administration (SBA), there are about 31.7 million small businesses as of 2020. Starting and running a small business isn’t easy – and once you’ve put your heart and soul into that precious dream, you’ll want to protect your investment. To secure your future and ensure that your doors open for a long time to come, consider these eight essential business insurance policies.

8 Essential Commercial Insurance Policies to Protect Your Business

Navigating the vast landscape of business insurance can feel overwhelming. With numerous options available, it’s essential not only to select the right policies tailored to your business’s specific needs but also to understand the coverage provided by each insurance policy. While every business faces unique risks, a combination of these eight common insurance policies outlined below can help form a solid foundation for protecting your business.

1. General Liability Insurance

This is the most important insurance coverage you should consider and a reliable starting point. Often part of a Business Owners Policy (BOP), general liability insurance protects you from legal claims arising from property damage and bodily injuries caused by your operations. It covers legal expenses, potential settlements, and medical expenses, safeguarding you from financial burdens and legal headaches. Plus, many vendors require their business partners to have liability insurance, opening doors to more business opportunities for you.

2. Product Liability Insurance

Product malfunctions happen even when strict quality control measures are implemented. In the unfortunate event that a defective product causes harm, product liability insurance becomes crucial as you may be held liable for damages. This insurance provides coverage for legal defense costs, settlements, and potential medical expenses. Consider adding product liability insurance alongside your general liability insurance, especially if you are in an industry where you manufacture and sell products.

3. Commercial Auto Insurance

Businesses frequently rely on vehicles for various purposes such as deliveries, errands, and client visits. Just like your personal car, company vehicles need dedicated protection. Commercial auto insurance covers you and your employees on the road in case of accidents involving company-owned vehicles. It includes coverage for property damage and bodily injury claims just like a personal auto insurance policy. Remember, your personal car insurance will not provide any coverage for business-related claims.

4. Commercial Property Insurance

Commercial property insurance protects any rented or owned building and equipment used to run your business. This could include your business’ inventory, office furniture, computer systems, and any machinery. While it shields against hazards like fire, theft, vandalism, and smoke damage, it’s crucial to note that coverage for earthquakes or floods requires separate policies, such as commercial flood or earthquake insurance.

5. Worker’s Compensation Insurance

Workers compensation insurance helps cover your employee’s medical expenses, lost wages, rehabilitation, and any other related costs that result from getting injured while working. Additionally, it protects your business from potential lawsuits and legal claims initiated by injured employees. Without this insurance, you will be responsible for paying the total cost of an employee’s medical expenses, which can cause financial harm to you and your business. Additionally, most states require businesses with employees to carry workers’ compensation insurance. You can face fines, penalties, and criminal charges if you don’t comply with your state’s law.

6. Errors and Omissions Insurance

Also known as professional liability insurance, this coverage is vital for businesses providing professional services. In certain industries, such as law, medicine, consulting, real estate, financial services, or beauty services, this insurance can protect you if you are sued for malpractice, even if you weren’t negligent. This coverage can also safeguard you against claims like breach of contract, negligence, or misrepresentation.

7. Cyber Liability Insurance

In today’s digital age, small businesses face significant risks from cyber threats and attacks. Cyber liability insurance helps protect your business from the financial losses and legal liabilities associated with data breaches, cyberattacks, and privacy violations. It covers expenses such as data recovery, legal fees, notification costs, and potential fines or penalties. With the increasing frequency and sophistication of cyber threats, this insurance has become necessary for businesses of all sizes.

8. Commercial Umbrella Insurance

Think of commercial umbrella insurance as an extra layer of protection beyond your primary business insurance policies. It kicks in when a claim exceeds the limits of those policies, providing invaluable support against lawsuits or unforeseen scenarios. This is particularly relevant for high-risk industries or businesses facing potential legal exposure.

Get your Business Insurance Evaluated by AIS Insurance

Building your entrepreneurial dream is a thrilling adventure, but it can come with hidden risks that can threaten your success. Secure your business with the right insurance. Speak with one of our Commercial Insurance Specialists today at (855) 919-4247 for a quick and easy free quote. Our knowledgeable commercial insurance team is committed to assisting you in comparing insurance quotes and finding the right protection for your business.

The information in this article is obtained from various sources and offered for educational purposes only. Furthermore, it should not replace the advice of a qualified professional. The definitions, terms, and coverage in a given policy may differ from those suggested here. No warranty or appropriateness for a specific purpose is expressed or implied.

Roadside assistance is a valuable coverage to have in the event of an emergency. The added sense of security of knowing you’re just a phone call away from mechanical help can be highly reassuring if stranded on the side of the road. But what if your phone battery is dead or you’re traveling through a remote location? Would you have other ways to signal for help or jumpstart a battery? That’s where a car roadside emergency kit comes into play.

Having a roadside emergency kit with you at all times is a safety precaution you hope never to use but will prove invaluable should the need arise. No matter how often you drive, carrying a kit with you will give you a sense of comfort as you wait for help to arrive. Not sure what to include in your car emergency kit? Here are just a few basic items that should be a part of any roadside emergency kit.

What to Include in Your Car’s Roadside Emergency Kit

To beat the heat…

Protecting yourself from the elements is crucial in an emergency. Any emergency kit should include items tailored for various situations, including being stuck in the sun.

1. Bottled water with electrolyte packages: Water is worth its weight in gold when in an emergency. Begin prepping your kit by ensuring you have a couple of water bottles to keep you hydrated. As a bonus, you can also include packets of electrolytes for added hydration. We recommend having a gallon of water.

2. Sunscreen: If you must wait on the side of the road, you don’t want to slowly bake yourself in the hot sun. Carry a bottle of sunscreen to keep you from getting sunburned.

3. Extra coolant: Carrying a few car basics, such as extra fluids and simple tools, can be handy when you need a quick tune-up. Plus, the hot weather can be taxing on older vehicles, so having extra coolant can be helpful when temps get too high.

4. A large tarp or poncho: A large tarp that you can use for shade is a practical item when stuck in an area with little to no shade. Tarps can also be used as a makeshift shelter, something to lay on, or an emergency blanket in a pinch.

To keep yourself warm…

Just like you must protect yourself from the heat, it’s important to have items that will keep you warm. To keep things organized, consider swapping out seasonal gear throughout the year.

1. Emergency blanket: Mylar blankets can keep you warm in windy or wet scenarios. Because they are waterproof and windproof, these types of blankets can be used in multiple weather conditions while still providing warmth.

2. Matches or a lighter: If you need to start an emergency fire, having matches or a lighter on hand will make things much easier.

3. Hand and foot warmers: Due to their size, hand warmers can easily be included in a car roadside emergency kit without taking up too much space. Plus, hand warmers last for multiple hours, so you don’t need to pack a whole lot.

4. Ice shovel: You never know where you may find yourself stranded or in what conditions. Having a small shovel on hand will be helpful if you need to dig snow or dirt out of your way.

5. Extra change of clothes: Okay, so you may not be able to pack your whole closet in your roadside emergency kit. However, you can try to fit some extra clothes you can use for extra warmth, such as pants and a long-sleeve shirt.

For when you need a mechanic…

We aren’t saying you must pack items required to remove an engine, but having a few basic tools on hand is always beneficial.

1. Tire jack and wheel wrench: Most vehicles will come with a tire jack, but these can often be a bit flimsy. Consider investing in a more robust jack and keep it with you to always be able to change a tire.  

2. Spare tire: The last thing you want is to need a spare only to find out that yours is either missing or flat. Yes, tires can expire, so make sure to replace your car’s spare every 5-7 years.

3. Jumper cables: A good set of jumper cables is handy when all you need is a quick jump.

4. Basic tool kit: Again, you don’t need to carry a whole mechanic shop with you, but you should have some basics. This includes a screwdriver, hammer, wrenches, multi-purpose tools, pliers, duct tape, and a knife.

General items to include… 

A few items should always be included in a car’s roadside emergency kit, regardless of the weather. These items will help keep you comfortable and safe while waiting for assistance.

1. Road flares and hazard triangles: If your car is stuck on the road, it’s important to let other motorists know. Having road flares and hazard triangles will alert other drivers of your presence, which will help avoid any further accidents.

2. Safety whistle: You never know when you’ll need to alert someone from far away or scare off wildlife quickly, so we recommend carrying a safety whistle in your roadside kit.

3. Flashlight with extra batteries: Not being able to see clearly can make an emergency much more difficult. Always keep a small but powerful flashlight in your car to avoid being left without light.

4. First aid kit: If you’re injured while waiting for assistance, having a first aid kit will help you patch yourself up before additional help arrives.

5. Nonperishable food: You may have little appetite when stranded on the road. However, we recommend you include nonperishable snacks within your kit to keep your stomach full in an emergency.

6. A pair of work gloves: If you’re caught in the rain or snow, having a pair of work gloves will make handling items much easier and help keep your hands warm.

7. Extra charger: It’s easy to find portable chargers that can work with multiple devices. Having one on hand will be beneficial in a survival situation when every bit of battery helps. Just keep in mind to check on it occasionally to ensure it is still fully charged.

Get the Coverage You Need

Do you travel frequently and want to cover all your bases? Consider purchasing roadside assistance. Whether you know how to change a tire or not, having roadside assistance as a part of your auto policy can provide a helpful hand in a tight situation. To learn more about how AIS can help get you covered, give us a call at (888) 772-4247.

The information in this article is obtained from various sources and is offered for educational purposes. Furthermore, it should not replace manuals or instructions provided by the manufacturer or the advice of a qualified professional. No warranty or appropriateness for a specific purpose is expressed or implied.